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Netflix fires 300 employees because it loses subscribers

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Netflix has fired 300 employees in a second round of job cuts.

The streaming service removed 4 per cent of its workforce, predominantly within the US. Last month, Netflix removed 150 jobs, out of 11,000 individuals who work for the corporate.

“While we proceed to speculate significantly within the business, we made these adjustments in order that our costs are growing in step with our slower revenue growth,” Netflix said in a press release.

“We’re so grateful for every thing they’ve done for Netflix and are working hard to support them through this difficult transition.”

The reductions come after news that Netflix had lost 200,000 subscribers the world over in 2022, and foresaw two million more users quitting the platform in the following three months.

The corporate blamed this on more competition from services reminiscent of Amazon Prime, Comcast’s Peacock, Paramount’s Paramount+ and HBO Max, in addition to other streamers, but former employees said that the cuts are focused on its diversity divisions.

“Nearly everyone I see on LinkedIn posting about being laid off worked on diversity, equity, and inclusion across the corporate,” former Netflix employee Evette Dionne tweeted in May, through the first round of layoffs.

“These should not the one people being laid off, but they comprise too most of the 150 for it to be coincidence.”

In response, Netflix said that it was “We’re committed to inclusion on-screen, behind the camera and in our workforce,”and the corporate is “making changes to how we support our publishing efforts, including bringing a few of this necessary work in-house”, The Guardian reports.

Netflix can also be working with other firms for promoting partnerships, after the announcement that it is going to be bringing ads to its platform.

The corporate is reportedly talking with Google, Comcast, and Roku for ad-sales partnerships. These firms declined to comment.

“We’re still within the early days of deciding learn how to launch a lower priced, ad-supported option and no decisions have been made. So that is all just speculation at this point,” Netflix said in a press release to CNBC.

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